Preparing for the IFRS insurance transformation
A new era for Asian insurers
9:00 a.m. – 2:00 p.m. | Thursday, 16 June 2016 | JW Marriot Hotel, Kuala Lumpur
On 16 February 2016, the IASB voted unanimously to begin the balloting process for IFRS 4 Phase II. IFRS 4 Phase II could be issued before the end of 2016 and it should become IFRS 17 Insurance Contracts. The effective date will be brought to the IASB for decision over the next eight months.
IFRS 4 Phase II transforms how insurers account for income and liabilities from insurance contracts that the insurers sell, creates a new financial language with which to inform investors about performance of this complex global industry.
This new financial language will be spoken by all insurers that adopt IFRS regulations, thereby delivering consistency in the financial reporting for a sector that has never had it. In addition, it will introduce a significant degree of transparency that aims to open what many considered an accounting and actuarial black box. However, most expect the exercise to be wide-ranging, complex and costly. Preparation will entail large teams of people working around the globe retooling not just IT systems, but reshaping many dimensions of insurers' operating model.
How it impacts you
The implementation of IFRS 4 Phase II will have a major impact across the entire financial management framework, requiring changes to key areas of strategic financial management and operations to deliver the results. IFRS 4 Phase II provides (re)insurers with general principles and flexibility on their implementation. Therefore, the choices that the (re)insurer makes will impact how profits are released over the life of a contract.
The impact to Asian-based insurance organizations, whether subsidiaries of European insurers or domestic insurers, are significant given that many Asian countries have adopted IFRS and therefore would need to comply with the standard when issued. Unlike European insurers, Asian insurers would not be able to leverage their IFRS 4 Phase II solution from the technical alignment between IFRS and the new Solvency II regime that went live on 1 January 2016 across the European Union. Asian insurers will therefore have a different starting point in the absence of similar requirements by their local solvency regulators and need to factor into the cost the ability to report between their current regulatory bases and the more complex IFRS 4 Phase II requirements.
Who should attend
This half-day seminar is suites for CEOs, CFOs, Directors, Audit Committee members, accounting, finance professionals, actuaries, and any discerning individuals who wish to understand more of how IFRS 4 Phase II will impact them.
|Location||JW Marriot Hotel
183 Jalan Bukit Bintang
55100 Kuala Lumpur
This is a complimentary seminar.
|Registration closing date||9 June 2016|
Limited seats are available on a first come first served basis. Click here for online registration.
Alternatively e-mail us the scanned and completed registration form in the brochure to firstname.lastname@example.org by 9 June 2016.